MetaMask is a safe crypto wallet to use. The security protocol of this crypto wallet is excellent. When you open a wallet, you are given your 12-word Secret Recovery Phrase. Moreover, MetaMask doesn’t control or store your information on its server. All your data is encrypted in your browser and protected via your MetaMask password. So, there is nothing to worry about the safety of the MetaMask crypto wallet as long as you keep the password safe.
- MetaMask is a very popular software cryptocurrency wallet that can be used as a gateway to blockchain apps
- MetaMask helps you connect to the decentralized web and apps through a browser extension or mobile app
- MetaMask offers a safe platform for storing crypto coins as well as linking with different blockchains
- With MetaMask, you will be able to transfer and receive Ethereum (ETH) or Ethereum tokens like ERC-20
- MetaMask allows you to build your own decentralized applications known as dApps
What Is MetaMask?
MetaMask is a unique type of cryptocurrency wallet that is made of a combination of a web plugin and a wallet. You can use the MetaMask to manage, transfer, and receive Ethereum (ETH) or Ethereum tokens like ERC-20. Thanks to the browser extension, you can use the MetaMask as a bridge between different browsers and the Ethereum blockchain. One of the key features of MetaMask is, you can access the Ethereum blockchain as well as build your own decentralized applications known as dApps. Moreover, you can also write your own transaction guidelines known as smart contracts. Another key point of MetaMask is every single DeFi platform supports MetaMask. It means you can easily connect to trusted DeFi platforms by clicking Connect Wallet, selecting MetaMask, and approving it in the extension. After that, you will be able to use the funds in your wallet.
Is MetaMask Wallet Safe?
MetaMask has lots of security features that make it one of the safest crypto wallets in the world. The first key security point is, MetaMask never stores your information on their server. The information is stored on the internet, but MetaMask never has access to it. However, according to many security experts, the biggest technical vulnerability of the MetaMask wallet is where it keeps the private keys. Every cryptocurrency wallet has a public key and a private key. The public key is available to anyone and used to send you cryptos. On the other hand, the private key should be kept a secret from others because it gives you access to the funds in the wallet. MetaMask stores the information of the private key online in your browser’s data cache so you can access your wallet easily. The information is encrypted and can only be decrypted with your password. But it is much easier to brute-force guess most passwords than 64-character private keys. So below are some common tips to keep your MetaMask crypto wallet safe –
1. Use a complicated password that is difficult to guess
2. Don’t type your seed phrase into anything other than the Metamask wallet
3. Never use your private key while screen sharing with someone
4. Do not connect with suspicious websites
Advantages Of MetaMask Crypto Wallet
1. MetaMask is an open-source platform; it means all the MetaMask code is online and free and available to access. Therefore, MetaMask would be reviewed and updated by the community and can be continuously improved.
2. Metamask Supports Hierarchical Deterministic (HD) settings that allow the users to back up their accounts. Metamask provides a list of words called seed phrases that can be used to reset lost account information.
3. MetaMask features Built-in coin purchasing, it links directly with two exchanges where users can buy cryptocurrency. Users can buy Ether and ShapeShift to buy Ether or ERC-20 tokens directly from Coinbase using MetaMask.
4. MetaMask has excellent customer support. Moreover, Metamask has a video introduction on its homepage and a detailed support page.
5. Metamask has a simple user interface. If you are a new crypto wallet user then you will find it very easy to use. All the features are laid out clearly therefore you can send and receive currencies easily.
6. MetaMask keys are stored on the user’s browser therefore it gives the user more control over their public and private keys.
Disadvantages Of MetaMask Crypto Wallet
1. Metamask doesn’t have the access to your information but your browser has. So, the browser can collect information about when and how you use the app.
2. Online wallets always have security issues. Any information that’s stored online is more at risk from hackers than information that’s stored offline.
3. Metamask only supports Ethereum and ETH-based tokens so it means you won’t be able to store any other cryptocurrencies on the wallet.
How To Setup MetaMask Wallet
Installing and setting up MetaMask Wallet is very simple. Follow the below steps –
1. Open your browser on your computer
2. Now visit the MetaMask homepage and add the extension to your browser
3. Next, click on “Create New Vault”
4. Then set up a strong password
5. Then you will be shown your 12 seed phrases
6. Write the seed phrases down and keep them somewhere safe
7. When you’ve done this, click on “I’ve copied it somewhere safe”.
8. That’s it. Your Metamask wallet is ready for use.
How To Use MetaMask?
With MetaMask you can buy, sell cryptocurrency as well as store the currencies into the wallet. If you are planning to buy Ether and ERC-20 tokens then MetaMask is the best option for you. Follow the below steps to buy Ether and ERC-20 tokens –
1. First login to your MetaMask wallet
2. Now click on “Buy” and then choose either Coinbase or Shapeshift to fund your account
3. Next, select the amount and click on the confirm button to complete the process
If you want to send Ether and ERC-20 tokens then –
1. Simply click on the “Send” button
2. Next, enter the address where you want to send the coin
3. Now type the amount that you want to send
4. Finally, click on the Confirm button to complete the process
Types Of Crypto Wallet
There are quite a few types of crypto wallets available. They are –
1. Hardware wallets
2. Web wallets
3. Desktop wallets
4. Paper wallets
1. Hardware Wallets
These types of wallets are removable storage devices like USB sticks. These wallets are very fast but they will cost you lots of money. Hardware wallets are a form of cold storage and keep the private keys offline. Some of the best hardware wallets are the Ledger Nano X, Trezor Model T, etc.
2. Web Wallets
These types of wallets are the most commonly used wallets and they can be used on lots of different devices. One of the key drawbacks of web wallets is they are at high risk of being attacked by hackers. This type of wallet is also known as hot storage. Popular web wallets are Coinbase wallet, Binance hot wallet, etc.
3. Desktop Wallets
You can directly install this type of wallet on your computer. You can only be able to access the wallet from the computer where you have installed the wallet. This type of wallet is safer than web wallets but not as safe as hardware wallets or paper wallets.
4. Paper Wallets
This type of wallet is a piece of paper with your keys printed on them. This type of wallet is very safe. It is also a form of cold storage where the private keys are stored offline.
FAQs About Is MetaMask Safe – The Complete MetaMask Wallet Review
How Does MetaMask Work?
Does MetaMask Collect Private Information?
No, MetaMask doesn’t collect private information. It is a browser wallet; therefore, it won’t have access to your information. However, the internet browser will collect information about how and when you use the app.
Is MetaMask Safe?
Yes, MetaMask is a safe wallet to use. There have not been any major hacking incidents on MetaMask. The best part of this wallet is, it is backed by hierarchical deterministic settings for excellent security.
How To Keep The Metamask Wallet Safe?
If you are wondering how to keep the MetaMask wallet safe then you can follow the below tips –
1. Backup your secret recovery phrase
2. Don’t share your private key
3. Consider using a hardware wallet instead
Last Updated on October 23, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.